Indian Rupee Weakness Cushioned by Central Bank Intervention, Shorts Grow Wary
Forex traders said FII inflows and a $10.512 billion jump in reserves limited the rupee's decline.
- On Monday, the Indian currency fell 8 paise to 95.25 against the USD in early trade, opening at 95.18 before slipping further from its previous close.
- A stronger USD and rising global Brent crude oil prices weighed on the INR, with the dollar index rising 0.17% and Brent trading higher by 0.91% at $84.31 per barrel.
- Domestic equity markets mirrored the pressure, with Sensex falling 19.38 points to 78,479.79 and Nifty slipping 5.10 points; FII purchased equities worth ₹480.24 crore on Friday.
- The RBI data released on Friday showed the country's forex reserves jumped by $10.512 billion to $692.866 billion during the week ended July 31, capping sharper INR declines.
- Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, noted that strong forex reserves provided confidence, limiting dollar-demand pressure on the INR.
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Indian Rupee Edges Lower as Central Bank Intervention Keeps Currency in Narrow Range
The Indian rupee edged lower against the U.S. dollar on Thursday as the Reserve Bank of India continued to intervene in the foreign-exchange market, helping ... The post Indian Rupee Edges Lower as Central Bank Intervention Keeps Currency in Narrow Range first appeared on [your]NEWS.
Rupee falls 8 paise to 95.25 against US dollar in early trade
The rupee has fallen eight paise to 95.25 versus the US dollar as of Monday, influenced by a strengthening dollar and surging global crude oil costs. Despite this, foreign institutional investor inflows and solid forex reserves have provided crucial backing. Exporters might take advantage of price rises, while importers are anticipated to purchase on the dips.
Rupee opens 4 paise higher at 95.17 against US dollar
The rupee gained 4 paise to 95.17 against the US dollar on August 10, supported by reduced Federal Reserve rate hike expectations. The RBI's market intervention and stable oil prices have aided the rupee's recovery, despite ongoing concerns regarding the Strait of Hormuz.
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